The Harris campaign this week announced that the Democratic vice president and her running mate, Apparently I’m thinking Communism, they argue, means “everyone is the same, everyone shares.” If they win in November, they would impose a range of new taxes on Americans, including a tax on unrealized gains.
Though Harris and Waltz claim to be fiscally responsible, some economists have pointed out that they are simultaneously redistributing America’s wealth and exacerbating the very problems they are trying to solve.
The official Democratic Party policy for 2024 is release On Monday, the document revealed what former presidential candidate Joe Biden planned to do if re-elected. Just as Kamala Harris was ready to embrace Biden’s candidacy and the delegates he endorsed, it now turns out she’s also ready to embrace many of the policy proposals Biden purportedly put forward in the document.
Those proposals also include raising the federal corporate tax rate from 21% to 28%.
By comparison, Communist China’s federal corporate tax rate is: Reportedly It’s 25%.
Harris campaign spokesman James Singer Confirmed Harris told Reuters she plans to raise taxes, arguing it is part of a “fiscally responsible way to put money back in workers’ pockets and ensure billionaires and big corporations pay their fair share.”
President Donald Trump and Republican lawmakers have Tax Cuts and Jobs Act of 2017In ratifying the bill, President Trump attention“This would be great for the American people. This would be great for the economy. It would keep companies from leaving the United States.”
2017 Tax Foundation Survey Shown “The empirical evidence appears to support previous theoretical analysis that domestic workers bear the lion’s share of the burden of U.S. corporate taxes.”
“The share of the burden on workers is typically between 50% and 100%, but most likely above 70%,” the study said. “Because taxes reduce investment, productivity and wages, the costs to workers can significantly exceed the revenues generated by the tax.”
Not only would the Harris tax hike be bad for labor, it would also be bad for the stock market.
Goldman Sachs Strategist said Reuters reported that a one percentage point change in corporate tax rates could change S&P 500 profits by “just under 1%.”
“Anything that reduces earnings is bound to have a negative impact on the stock market,” said Peter Taz, president of Chase Investment Counsel.
As vice president, Harris Directed by The U.S. national debt has topped $35 trillion, accumulating taxpayer burdens in the process. Subsidies To help hundreds of thousands of student loan debtors pay for college, the Trump administration is planning other tax breaks in 2025, the same time a number of Trump-era tax cuts are set to expire.
“Taxing unrealized gains, regardless of wealth level, would drive assets, jobs and businesses out of the United States.”
Earlier this year, the Biden-Harris administration proposed a capital gains tax rate of 44.6% in its fiscal year 2025 budget. Reported Moody’s Private Client. This increase from the current 20% remaining from the Trump tax reform would be the highest federal capital gains tax rate in U.S. history.
Harris’ campaign said She told the Committee for a Responsible Federal Budget that she “continues to support all of the revenue-raising provisions in the President’s FY 2025 budget.”
According to The budget plan supported by Harris also calls for a minimum annual tax of 25% on unrealized gains, according to the American Tax Reform Coalition. Initially, only a small percentage of individuals with income and assets over $100 million would be taxed, but critics suspect this “unconstitutional wealth tax” could eventually be expanded to millions of Americans.
“Capital gains taxes should only be paid when gains are realized. Harris’ wealth tax would break with the current tax system and tax Americans based on the value of their assets on a specific, arbitrary date,” Americans for Tax Reform said. “This unprecedented tax would give even more power to the IRS. Encouraging taxpayers to move assets overseasAnd over time, it will affect millions of Americans.”
TheStreet’s Bob Byrne expressed similar concerns. Featured“While this would only affect a tiny fraction of people and the chances of the bill passing are slim, the very concept is worrying. Taxing unrealized gains, regardless of wealth, would drive assets, jobs and businesses out of the United States.”
Harris offered some suggestions for how to redistribute some of this wealth.
Harris Intended Taxpayers unintentionally handing out $25,000 benefits to first-time homebuyers and certain other prospective homebuyers.
Some economists suspect this is a futile effort.
Moody’s economist Mark Zandi recently wrote: said Axios Moody’s predicts that this home financing for buyers will increase demand and “immediately translate into higher prices.”
The Democratic platform claims the party is “working to end favoritism for special interests,” but this plan is arguably Major investment company They bought up residential real estate all over the country.
The Committee for a Responsible Federal Budget has suggested the benefits would cost $100 billion over four years, but that figure “could be higher and could lead to additional costs.”
The American Tax Reform Coalition noted that Harris also supports other tax increases, including raising the Medicare tax from 3.8% to 5% on people making more than $400,000 a year.
While such a tax would necessarily be mandatory, the Harris-Waltz campaign Released on August 16th It simply says “ask The wealthiest Americans and big corporations should pay their fair share.”
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